Kreate Group (KREATE) Q1 2026 earnings summary

Executive summary

• Achieved record-high Q1 2026 revenue of EUR 98 million, up 86% year-over-year, and EBITA margin of 1.6%, marking the third consecutive quarter of EBITA growth in both absolute and relative terms.

• Order backlog reached a record EUR 689 million at quarter-end, up 205.3% year-over-year, providing strong long-term visibility, with EUR 339 million expected to be realized in 2026.

• Integration of recent acquisition progressing as planned, with KFS Finland Oy to be consolidated as a subsidiary from April 2026, adding EUR 30 million to annual revenue.

• Earnings per share (diluted) rose to EUR 0.09 from EUR 0.01 year-over-year.

• Free cash flow from operating activities was negative at EUR -7.0 million, compared to EUR 6.0 million in Q1 2025.

Financial highlights

• Q1 revenue: EUR 97.6 million (up 86.1% year-over-year).

• Q1 EBITA: EUR 1.5 million (1.6% margin), up from EUR 0.1 million (0.1%) in Q1 2025.

• EBITDA was EUR 3.9 million (4.0% margin), up from EUR 1.7 million (3.2%) year-over-year.

• Net working capital at EUR -11.0 million, managed systematically across project phases.

• Net debt increased to EUR 44.7 million, with a net debt/EBITDA ratio of 2.2.

Outlook and guidance

• Updated 2026 guidance: revenue EUR 510–550 million (2025: EUR 315 million), EBITA EUR 18–22 million (2025: EUR 10.2 million).

• Over EUR 480 million of revenue expected to be realized in 2026, considering backlog, development-phase projects, and probable contracts.

• Guidance is based on strong order backlog, new project starts, and expected additions from projects in development and negotiation phases.

• Market outlook remains positive, with strong private and public sector investment activity.

• KFS Finland Oy will be consolidated as a subsidiary from April 2026, expected to add EUR 30 million to 2026 revenue.